Economic Package is to Spur Growth: Nirmala Sitharaman

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Union Finance Minister Nirmala Sitharaman shared the details of the fiscal and monetary measures worth Rs 20 lakh crore announced by Prime Minister Narendra Modi on Tuesday, to tackle the impact of coronavirus and weeks of lockdown on the economy.

Here are highlights of what Finance Minister Nirmala Sitharaman said about the government’s Atma Nirbhar Bharat Abhiyan package:

  • Ministries held detailed talks with industries and PM’s Office on the economic package
  • The “Atma Nirbhar Bharat Abhiyan” initiative to spur growth and help in building self-reliant India
  • Plan based on five important pillars: economy, infrastructure, tech-driven systems, demography and demand
  • Prime Minister has laid out a comprehensive vision, which is based on wide and deep consultations with several sections of society
  • Focus to be on factors of production – land, labour, liquidity and law
  • Local brands to be brought to global level
  • Focus will be on nurturing local brands as part of this mission
  • Global value chain integration part of PM’s plan
  • We have capability to build such enterprises
  • All schemes rolled out by government since it came to power are driven by reforms
  • Direct Benefit Transfer (DBT) scheme helped government deliver money directly to Jan Dhan accounts of the poor
  • Transfers made to 41 crore Jan Dhan account holders
  • Beginning today, I will lay out details of PM’s Vision over next few days
  • Refunds of Rs 18,000 crore made to income tax assessees, 40 lakh taxpayers benefitted

Sitharaman said that global tenders to be disallowed in Government procurement up to Rs 200 crores. This will make self-reliant India, and will also then be able to serve ‘Make in India’.

She further stated that the economic package is to ease financial stress as businesses get back to work, Government decides to continue EPF support for business & workers for 3 more months providing a liquidity relief of Rs 2,500 crore.

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